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2024-03-31-accounts

The Kingdom Network CIO

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Charity Number 1181690 Ty Menter, Navigation Park, Abercynon, CF45 4SN

THE KINGDOM NETWORK

REFERENCE & ADMINISTRATIVE INFORMATION

Registered Charity Number 1181690
Principal Address Ty Menter
Navigation Park
Abercynon
CF45 4SN
Trustees Mr Ian Wheeler (Chair)
Mr Peter Mawditt
Mr Martin Josten
Bookkeepers Your Business Hub Services Ltd
Ty Menter
Navigation Park
Abercynon
CF45 4SN
Bankers Lloyds Bank
69 High Street
Merthyr Tydfil
CF47 8AD

Page 2

THE KINGDOM NETWORK

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

The trustees present their report and the financial statements of the charity for the year ended 31 March 2024

CONSTITUTION & LEGAL STATUS

The Kingdom Network is a Charitable Incorporated Organisation (CIO).

The CIO was registered with the Charity Commission on 23 January 2019 and the Charity Registration Number is 1181690.

OBJECTS OF THE CHARITY

The Trustees of The Kingdom Network seek

  1. To advance the Christian faith for the benefit of the public in accordance with the statements of belief by making grants to people, groups or projects involved in advancing the Christian religion

  2. The prevention or relief of poverty in the British Isles by providing: grants, items and services to individuals in need and/or charities, or other organisations working to prevent or relieve poverty.

TRUSTEES

The method of appointment of trustees is set out in the Governing Document dated 21 January 2019. No trustees are remunerated.

The need for new trustees is reviewed regularly and when appropriate possible names are presented at a trustee meeting for consideration. The existing trustees make any new appointments, for an indefinite period. New trustees are given copies of the governing documents, appropriate Charity Commission information and recent trustee minutes.

Trustees changed on 31[st] May 2023 as all of the previous Trustees stood down to be replaced by three new Trustees:

Mr Michael Williams (Chair) (resigned 31/05/2023) Mr Daniel Shepherd (resigned 31/05/2023)

Mr Anthony Williams (resigned 31/05/2023)

Mr Ian Wheeler (Chair) (appointed 31/05/2023) Mr Peter Mawditt (appointed 31/05/2023) Mr Martin Josten (appointed 31/05/2023)

RISK REVIEW

The management committee regularly reviews the major risks to which the charity is exposed and systems are established to mitigate these risks. These procedures are periodically reviewed to ensure that they still meet the needs of the charity.

RESERVES POLICY

The trustees decided to maintain a small financial reserve, approximately equivalent to the normal, predictable outgoings in one month.

FINANCIAL REVIEW

The Charity operates by supporting and facilitating the banking of small groups or individuals who act in inline with the charitable objectives of The Kingdom Network. Funds are raised by and for the groups or individuals and granted to them to fulfil their objectives as outlined and monitored via their applications and bookkeeping reports.

Page 3

THE KINGDOM NETWORK

Funds raised by and for the successful applicants are treated as Restricted Funds, only an agreed allocation of any gift aid funds is used to sustain the governance of The Kingdom Network.

ACHIEVEMENTS & PERFORMANCE

A new Trustee group have committed to ensure that we continue to attempt to support groups involved with the charitable objectives. Plans around further marketing of the Charity are in discussion as is the recruitment of a part-time Networker.

RESPONSIBILITIES OF THE TRUSTEES

Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure for the financial year.

In preparing those financial statements the trustees should follow best practice and

The trustees are responsible for maintaining proper accounting records which disclose at any time the financial position of the charity and to enable them to ensure that the financial statements comply with charity legislation. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the trustees on 22 January 2025 and signed on their behalf

………………………………………………………………. Ian Wheeler Trustee (Chair)

………………………………………………………………. Peter Mawditt Trustee

Page 4

THE KINGDOM NETWORK

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES ON THE UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

I report on the accounts of The Kingdom Network for the year ended 31 March 2024 set out on pages 3 to 9.

RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND INDEPENDENT EXAMINER

As the charity's trustees you are responsible for the preparation of the accounts, you consider that the audit requirement of section 144(2) of the Charities Act 2011 (the Act) does not apply and that an independent examination is needed. It is my responsibility to examine the accounts under section 145 of the Act, to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the Act, and to state whether particular matters have come to my attention.

BASIS OF INDEPENDENT EXAMINER'S STATEMENT

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.

In connection with my examination, no matter has come to my attention:

Paul Burnell

………………………………………………………………. Mr Paul Burnell C Management Services Ltd Independent Examiner 69 Velindre Road Cardiff CF14 2TF

Date: 22 January 2025

Page 5

THE KINGDOM NETWORK

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

Notes
Incoming resources
Central Donations & Gift Aid
Group Donations & Gift Aid
Other
Total incoming resources
Resources expended
Charitable Activities
Operations & Administration
Additional Grants Programme
Grants to Groups
Total resources expended
Net incoming/(outgoing)
resources before transfers
Transfer between funds
Net incoming/(outgoing)
resources for the year
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
Restricted
Funds
2023-24
Total
£
£
£
0
0
0
0
77,361
77,361
0
0
0
0
77,361
77,361
594
0
594
0
0
0
0
67,045
67,045
594
67,045
67,639
(594)
10,316
9,722
6,121
(6,121)
5,527
4,195
9,722
3,583
8,530
12,113
9,110
12,725
21,835		 2022-23
Total
£
0
12,766
1,029
13,795
740
0
30,711
31,451
(17,656)
0
(17,656)
29,769
12,113

The statement of financial activities includes all gains and losses in the year and therefore a separate statement of total recognised gains and losses has not been prepared.

All the above amounts relate to continuing activity.

Page 6

THE KINGDOM NETWORK

BALANCE SHEET AS AT 31 MARCH 2024

Notes
Current Assets
Cash at bank and in hand
Debtors
Total Current Assets
Current Liabilities
Creditor amounts falling due within one year
Net Current Assets
Fixed Assets
Tangible Assets
Total Assets less Current Liabilities
Non-Current Liabilities
Creditor amounts falling due after more than one
year
Net assets
Funds
Restricted Funds
2
Unrestricted Funds
3
Total funds		 31 March 24
£
18,240
3,692
21,932
24
21,908
0
21,908
0
21,908
12,725
9,110
21,835		 31 March 23
£
9,891
2,262
12,153
40
12,113
0
12,113
0
12,113
8,530
3,583
12,113

Notes in pages 8 and 9 form part of these accounts

Approved by the Trustees on 22 January 2025 and signed on their behalf

………………………………………………………………. Ian Wheeler Trustee (Chair)

………………………………………………………………. Peter Mawditt Trustee

Page 7

THE KINGDOM NETWORK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. Accounting Policies

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the year preceding.

1.1. Basis of Preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102); and the Charities Act 2011.

The accounts have been prepared on an accruals basis.

1.2. Cashflow

The charity has taken advantage of the exemption in FRS1 from the requirement to produce a cashflow statement because it is a small charity.

1.3. Fund Accounting

Funds held by the charity are either:

  1. Unrestricted Funds - these are funds which can be used in accordance with the charity's objectives, at the discretion of the trustees.

  2. Designated Funds - these are funds set aside by the trustees out of unrestricted general funds for a specific future purpose or projects

  3. Restricted Funds - these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

1.4. Incoming resources

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific polices are applied to particular categories of income:

  1. Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial activities when receivable.

  2. Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included.

  3. Grants where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant. Other grants, including grants for the purchase of fixed assets, are recognised in full in the statement of financial activities in the year in which they are receivable.

  4. Legacies are included when the charity is advised by the personal representative of an estate that payment will be made or property transferred and the amount involved can be quantified

1.5. Resources expended

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of as indirect nature necessary to support them.

Page 8

THE KINGDOM NETWORK

Governance costs include those associated with meeting the constitutional and statutory requirements of the charity and include accountancy fees, costs relating to the strategic development of the charity, management of assets and organisational administration.

Grants awarded to Groups or Individuals are for the carrying out of activities in line with the Charitable Aims and ongoingly assessed.

2.
Restricted Funds
Restricted Funds
Total		 At 1
April
2023
Incoming
resources
Outgoing
resources
Transfers
£
£
£
£
8,530
77,361
(67,045)
(6,121)
8,530
77,361
(67,045)
(6,121)		 At 31st
March 2024
£
12,725
12,725
3.
Unrestricted Funds
Unrestricted Funds
Total		 At 1
April
2023
Incoming
resources
Outgoing
resources
Transfers
£
£
£
£
3,583
0
(594)
6,121
3,583
0
(594)
6,121		 At 31st
March 2024
£
9,110
9,110

4. Transactions with Trustees

There were no transactions with the Trustees during the year

Page 9